That is a jump from the $750 million that went through its system last year.

The San Francisco-based startup has been able to avoid some of the pitfalls that the likes of Google is dealing with right now by eliminating the middleman in a sense.

While Square's processing app has to get approval from both the Apple App Store and the Android Market, the company doesn't have to ask for permission to give out its free credit card processor attachment to whoever wants it.